We all know opening a business bank account can be an arduous process. Sometimes taking up to two or three months to complete, depending on the bank. From paper-based forms, in-person branch visits, phone calls, text messages and identity document scans, there are a number of challenges that cause delay on the process of business banking onboarding.

So how could banks deliver a great customer experience from day 1?

Innovative banks are beginning to recognise the need to improve the business banking onboarding process and have recently introduced the ability to open a business account using biometrics and photo-recognition. HSBC recently made the headlines by announcing customers can use “selfies” as part of the initial set-up when opening up new business account.

Here at Contego, although we are seeing more banks use biometric technologies at the set-up stage, the onboarding process from start to finish is still complex.  Any new business banking application still requires in-depth checks on the company, shareholders, directors, beneficial owners and the signatories. All these people form part of the client due diligence process, which then becomes a manual and labor intensive task for banks.

Instead of manually inputting customer data repeatedly into multiple data platforms, wouldn’t you rather there was one platform that could automate the complexity of business banking onboarding?

One platform that has the ability to check both people, companies and ID documents simultaneously, combining results from multiple sources accurately - all delivered in real-time via a single API?

One platform that could incorporate data feeds from as many sources as were necessary, including data from commercial suppliers, law enforcement agencies and open source data?

Contego is that platform.

In the latest video, Contego Founder, Adrian Black, looks at the challenges faced by the banking sector and how Contego can be used to smooth the onboarding process.

For more information about how we can assist you with your onboarding, AML and KYC, get in touch with Contego today. Call us on +44 (0) 207 717 5213 or email info@contego.com.

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